When you face the possibility of foreclosure, you should consider retaining an attorney and explore the different types of foreclosure defense options you may have in order to save your home. One such option is writing a hardship letter. This letter is addressed to the lender and it explains a clear picture of your current situation, including what circumstances led to your inability to keep current on your payments. Situations that demonstrate hardship include losing your job, service in the military, natural disasters and an unexpected illness with high medical bills.

When writing a hardship letter, you should be open and honest, detailing information regarding your situation. The letter should be short and concise, with a statement regarding the reasoning behind your request. Outline the events that caused your circumstances and explain how it was beyond your control. Express your intention to fulfill your financial obligations, and explain the reasons why the lender benefits from mitigating your loan.

Lenders generally consider three different types of loss mitigation: a short sale, a deed in lieu of foreclosure and a loan modification. The lender takes a look at each hardship letter and situation differently. When it comes to a deed in lieu of foreclosure, the lender is primarily concerned with how much the sale of property brings to the lender, and if other liens exist. In the case of a loan modification, the lender needs assurance that payments can be made after they are modified, and your hardship letter should list a detailed plan ensuring this.

Whether you would like to write a hardship letter, or explore different ways you can save your come, contact us today for a free consultation. Our experienced attorneys look at each situation different to find the solution that is right for you.

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